NEW YORK, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Commercial Chapter 11 filings increased 74 percent to 345 in November 2022 from the 198 filings recorded in November 2021, according to data provided by Epiq's Bankruptcy Analytics platform.
The November 2022 commercial Chapter 11 filing total was lifted by the more than 100 cases related to the Chapter 11 filing on November 11 by crypto exchange FTX Trading, Ltd. Total commercial filings increased 17 percent to 1,848 in November over 1,586 total filings in November 2021. Subchapter V small business filings increased 38 percent to 117 in November 2022 from 85 filings in November 2021.
Total U.S. bankruptcy filings in November 2022 were 31,178, up six percent from 29,335 total filings in November 2021. Overall individual filings also increased six percent in November 2022, as 29,330 filings were up over 27,749 individual filings recorded in November 2021. While still below pre-pandemic levels, individual Chapter 13 filings continued to increase in November, as 12,862 filings were up 25 percent over the November 2021 total of 10,327.
“Despite the month-to-month reduction in filings nationally, 13 states still had double-digit month-over-month increases in the percentage of total commercial filings and seven states had double-digit increases in individual filings,” said Gregg Morin, Vice President of Business Development and Revenue for Epiq Bankruptcy. “Even though more than 100 cases were influenced by a single crypto bankruptcy case, there will always be regional fluctuations, both higher and lower.”
States with the highest percentage increases in commercial filings included DE, ID, NE, AL, SD, MN, MS, OK, MI, IN, NC, KS, and NJ. States with the most individual filings percentage increases were AK, WV, SD, OR, KS, DE, and ND.
Almost all filing chapters in November registered a decrease compared to October’s figures. November’s total bankruptcy filings represented a five percent decrease when compared to the 32,696 total filings recorded the previous month. Total individual filings for November represented a five percent decrease from the October 2022 individual filing total of 30,792. Individual Chapter 13 filings also registered a six percent decrease from October’s individual Chapter 13 total of 13,619.
The commercial filing total represented a three percent decrease from the October 2022 commercial filing total of 1,904. Conversely, commercial Chapter 11 filings registered a 13 percent increase from the 305 filings the previous month due in large part to the related cases of the FTX filing. Subchapter V elections within Chapter 11 decreased 11 percent from the 132 filed in October 2022.
“Rising debt loads, increasing interest rates and inflationary pressures are presenting families and businesses with difficult economic challenges to navigate,” said ABI Executive Director Amy Quackenboss. “Bankruptcy provides a lifeline to financially struggling households and businesses during uncertain economic times.”
ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.
About Epiq Bankruptcy
Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations that takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com.
ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events
Epiq, Director of Communications